April 21, 2021

Ripple makes final attempt to dismiss lawsuit against XRP

Ripple makes final attempt to dismiss lawsuit against XRP

This week, Ripple made a final attempt to dismiss the lawsuit against XRP. According to the latest application filed to the U.S. District Court for the Northern District of California, even if the XRP is securities, investors filed a lawsuit too late.

Furthermore, according to Ripple representatives, the subsequent arguments presented by the plaintiffs contradict their original requirements.

Recall that in August 2019, the plaintiff Bradley Sostackfiled his initial complaint against Ripple. He claims Brad Garlinghouse's company sold unregistered securities (XRP) to retail investors.

Ripple had previously tried to dismiss the claims,filed by Sostek, pointing to the same reasons: filing a lawsuit does not meet the statutory deadline and lack of evidence that the main plaintiff bought XRP from the defendants, as well as the presence of XRP characteristics of the security.

XRP is not a security, but in this case it does not matter. Even if XRP would be a security, the plaintiff’s claims are still insolvent in terms of law, the statement said.

Despite claims by plaintiff that Rippledistributed securities, the statement said that the first XRP sales were in 2013. And this means that any case initiated after a three-year statute of limitations should be terminated.

The application is Ripple's latest effort before it has to go on trial in January 2020.